Annual Report 2017

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Annual Report 2017 Annual Report Enel Chile 2017 Santiago Stock Exchange ENELCHILE Nueva York Stock Exchange ENIC Enel Chile S.A. was initially incorporated as Enersis Chile S.A., on March 1, 2016. On October 18, of the same year, the company changed its name to Enel Chile S.A. As of December 31, 2017 the company´s total subscribed and paid capital amounted to Ch$ 4,120,836,253 represented by 49,092,772,762 shares. These shares are traded on the Santiago Stock Exchange and, as American Depository Receipts (ADR) on the New York Stock Exchange. The company’s business is to exploit, develop, operate, generate, distribute, transform and/or sell energy, in any form and nature, directly or through other companies. Total assets as of December 31, 2017, amounted to ThCh $5,694,773,008 . Enel Chile controls and manages a group of companies that operate in the Chilean electricity market. In 2017, net income attributable to the controlling shareholder reached ThCh$ 349,382,642 and operating income was ThCh $578,630,574 . At year end 2017, a total 1,948 people were directly employed by its subsidiaries in Chile. Annual Report Enel Chile 2017 2 Annual Report Enel Chile 2017 Contents > Letter from the Chairman ....................................................................4 > Open Power ........................................................................................8 > Highlights 2017 ................................................................................10 > Main financial and operating data .....................................................14 > Identification of the Company and documents of incorporation .......18 > Ownership and control ......................................................................22 > Management .....................................................................................28 > Human Resources ............................................................................44 > Stock Market Transactions ................................................................54 > Dividends ..........................................................................................60 > Investment and financing policy .......................................................66 > History of the Company ...................................................................70 > Investments and financial activities .................................................. 74 > Risk factors .......................................................................................80 > Reorganization - Elqui Project............................................................96 > Industry regulation and electricity system operations ....................102 > Electricity generation ...................................................................... 112 > Electricity distribution......................................................................126 > Environment and sustainability ......................................................132 > Ownership share table ....................................................................140 > Company’s significant events ..........................................................144 > Identification of subsidiaries and associate companies ..................160 > Statement of Responsibility ............................................................168 Content 3 Letter from the Chairman Dear shareholders, It is my pleasure to present the Annual Report and Financial Statements of Enel Chile for 2017. In the following chapters you will find a description of our operations in the electricity generation and distribution markets through our subsidiaries Enel Generación Chile and Enel Distribución Chile. First, I would like to thank the directors, officers, and every- one who works in our company, for the job they have done this year, for the trust they have placed on this administra- tion and, above all, for supporting the new direction we are taking as a Company. During 2017, in addition to achieving good economic re- sults, we have carried out one of the most important re- organizations that the Chilean market has seen in recent times. The Elqui plan was conceived as the means to face the changes in the electricity industry. It became essential to incorporate the non-conventional renewable energy as- sets in Chile owned by Enel Green Power Latinoamérica into Enel Chile and it was accomplished through a merger. The Enel Generación Chile PTO was also carried out suc- cessfully and offered minority shareholders of Enel Gener- ación Chile the opportunity to become a part of Enel Chile. The Elqui plan represents the beginning of a clear and sustainable path that will allow us to successfully face well-deserved growth in a very different energy market. It is with pride that we can say that today we are the most diversified company in this sector in Chile. In Generación we rely on a total installed capacity of 7.5 GW, of which 4.7 GW are renewable energies and 2.8 GW are thermal. 4 Annual Report Enel Chile 2017 In Distribución we serve 1.9 million customers, 40% of the As you know, Enel Generación Chile’s Board of Directors put domestic market. an end to their 51% interest in the HidroAysén project, return- ing the water rights to the State. Colbún, our partner holding The Company obtained important achievements during the remaining 49%, followed. We believe that this project 2017. Enel Generación Chile was the winner of the electric- wasn’t economically or environmentally feasible, hence it was ity tender that took place in October of last year, for being impossible to continue. The electricity expected to be gen- awarded over 50% of the auctioned energy. This success erated by HidroAysén power plants has been replaced with responded to the mix of conventional and renewable en- energy from non-conventional renewable power plants. ergies, achieved thanks to an agreement with Enel Green Power Latinoamérica. One of the basic principles that inspires all our projects is that they be approved and accepted by the community. The Another important step was taken in the Bocamina pow- decision to end the Neltume and Choshuenco projects, in er plant, in the Biobío Region, where the roof of one of the Los Ríos Region, and return the respective water rights the two coal fields in the power plant was completed, and to the State, was based on this same principal. work on the second roof began. The purpose of this proj- ect is to improve the way we handle coal and provide a Ethics and transparency are among the Company´s values more effective palliative to improve the environment. This and commitment with all its stakeholders, seeking to in- is the first thermal power plant to implement this sort of spire trust and maintain long-term sustainable and inclu- standard. sive relationships. In terms of the generation projects, the construction of In terms of sustainability, we have revitalized our positive the Los Cóndores hydroelectric power plant, in the Maule relationship with communities in the territories where we Region, has kept moving forward. By the end of 2017, are present. This year we have reached important agree- this power plant, which will have an installed capacity of ments with families from Coronel to overcome the impacts 150 MW, was over 60% complete. of the eradication of the families that began in 2010. In terms of environmental sustainability, we began a refor- The availability of natural gas for electricity generation in estation project in the Biobío Region, together with Con- 2017 is also worth highlighting. Enel Generación Chile was cepción University, planting over 2 million native species in able to provide a greater amount of natural gas fueled elec- 700 hectares of land. Further north, in the Quintero Region, tricity to the SIC, supplementing the production of San we began a sustainability plan along with the communi- Isidro and Quintero plants in the Valparaiso Region. ty that involved implementing development initiatives de- fined by them. Letter from the Chairman 5 In the distribution business, new short and medium-term people the continuous supply of electricity in the event of challenges lie ahead. The enactment of the new Technical a prolonged outage. Distribution Norm last year established greater require- ments in electricity supply quality and must be monitored We want to be an active player in the solutions to the im- by district. The necessary investments and operation costs portant problems that cities face, especially in terms of to perform these measurements are included in a new tar- contamination. To contribute to a cleaner environment, iff decree that will hopefully be enacted as soon as possible we are promoting electric mobility. We have promoted so we can close the gap between our clients’ expectations and arranged for the purchase of electric cars for company and current regulatory standards. This will require an enor- personnel, and based on our our concern for clean public mous investment effort that Enel is committed to carry out. transportation, we are actively promoting the addition of electric buses to the Transantiago system. Improving the standards and quality of our customer ser- vice is perhaps one of the broadest challenges addressed Fundamental to electric mobility is charging and re-charging in this Technical Norm. Increasingly specific measurement electric vehicles. We currently have 20 charging stations, and information requirements are defined, including the and with Universidad Católica de Chile, we are studying installation of a smart measurement system
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